Countries by Gross capital formation (constant 2015 US$)

China ranks 1st in gross capital formation with $7.24 trillion in constant 2015 US dollars, more than 42 times the value of the United States at rank 2 ($5.08 trillion) relative to the bottom-ranked Djibouti, which records a negative value of -$140.2 million. The range from the top to the bottom of the 176-country ranking spans over 5.1 quadrillion percent, reflecting the vast structural differences in investment capacity across economies of very different sizes.

Economy category

Ranking 2024

Countries by Gross capital formation (constant 2015 US$)
Rank	Country	Value
1	China	7240776590390.41
2	United States	5076733506868.63
3	India	1193869010307.81
4	Japan	1128707976885.02
5	Germany	748819427730.06
6	United Kingdom	628039404048.19
7	France	568681013669.3
8	South Korea	536405810812.45
9	Italy	457656874723.46
10	Indonesia	411925437436.63
11	Russia	408518012448.71
12	Canada	395303006207.65
13	Brazil	364056656690.88
14	Australia	355034523612.42
15	Mexico	322702594139.71
16	Spain	292685142157.48
17	Saudi Arabia	262866096134.79
18	Türkiye	260182382227.41
19	Iran	205846868211.77
20	Switzerland	200771276835.9
21	Netherlands	184624920736.17
22	Sweden	142590410612.24
23	Vietnam	136949973292.51
24	United Arab Emirates	134432902089.97
25	Belgium	125921002241.67
26	Poland	125414192863.77
27	Norway	113083228301.42
28	Algeria	106735571127.95
29	Bangladesh	105571257262.84
30	Philippines	103662695120.28
31	Singapore	97583747046.18
32	Israel	95161964438.71
33	Austria	94149950592.02
34	Malaysia	92638975504.76
35	Thailand	89712344913.38
36	Argentina	88304372462.64
37	Ireland	86637387841.75
38	Denmark	82546322950.89
39	Kazakhstan	79176381098.85
40	Tunisia	69883143516.22
41	Chile	68306607316.28
42	Hong Kong	66646241171.35
43	Colombia	63929962808.38
44	Romania	63283717071.56
45	Czechia	61858191557.66
46	Qatar	59952434368.13
47	Finland	53285465728.24
48	South Africa	50747629433.97
49	New Zealand	48779056096.8
50	Pakistan	47906758621.97
51	Peru	47582715254.95
52	Portugal	47429355386.56
53	Egypt	46643502754.83
54	Morocco	42665099226.78
55	Ethiopia	40256035338.71
56	Greece	38033403427.46
57	Tanzania	30179453448.89
58	Dominican Republic	29339883732.74
59	Kuwait	28415002738.4
60	Iraq	28370646702.07
61	Hungary	27947541079.19
62	Panama	25840078912.82
63	Oman	23998241980.76
64	Sri Lanka	23091376124.16
65	Uzbekistan	22706974139.4
66	Ecuador	22600541962.14
67	Slovakia	21628969020.27
68	Côte d'Ivoire	21365428127.14
69	Ukraine	21225954997.16
70	DR Congo	21058394697.48
71	Kenya	19608444897.85
72	Angola	17121741085.81
73	Belarus	16082385816.46
74	Serbia	15330655149.88
75	Croatia	15294598606.14
76	Azerbaijan	14815472727.91
77	Guatemala	14549300143.97
78	Ghana	13885648061.97
79	Uganda	13256694629.96
80	Cambodia	12947544115.44
81	Bulgaria	12943014459.3
82	Senegal	12331559989.25
83	Nepal	12053554721.86
84	Bahrain	12008866392.42
85	Costa Rica	11836407343.06
86	Slovenia	11723738632.48
87	Lithuania	11516410621.06
88	Uruguay	10862557428.03
89	Luxembourg	10636986190.53
90	Paraguay	10546511482.94
91	Jordan	9583098591.55
92	Zambia	9096608098.09
93	Gabon	8838039531.31
94	Latvia	8615042349.16
95	Cuba	8516634892.76
96	Cameroon	8219625276.79
97	Mongolia	7959662028.83
98	Libya	7322130226.14
99	Estonia	7097990146.02
100	Trinidad and Tobago	6847419289.65
101	Sudan	6625232323.23
102	Bosnia and Herzegovina	6502802165.61
103	Cyprus	6450736859.1
104	Bolivia	6397719577.7
105	Puerto Rico	6391467947.81
106	Honduras	6199787228.37
107	Botswana	6182441921.8
108	Macao	6038397611.69
109	Georgia	5923152686.22
110	El Salvador	5894209748.24
111	Iceland	5757853272.26
112	Guinea	5654101654.34
113	Mali	5512435558.3
114	Benin	5391450461.67
115	Niger	5351460315.83
116	Mauritania	5227106604.8
117	Kyrgyzstan	5073834217.37
118	Laos	4871156291.37
119	Nicaragua	4595181450.54
120	Burkina Faso	4528901454.69
121	Albania	4507611759.02
122	Tajikistan	4473095253.53
123	Armenia	4355026583.06
124	Togo	4351497731.35
125	Chad	4222585438.28
126	Mozambique	4174871455.1
127	Zimbabwe	4016149805.64
128	Brunei	3931920320.12
129	Republic of Congo	3749795849.81
130	Bahamas	3742351095.5
131	Malta	3599898523.47
132	North Macedonia	3404086020.33
133	Namibia	3335832165.26
134	Rwanda	3281312626.6
135	New Caledonia	3034125408.07
136	Venezuela	2937214157.78
137	Mauritius	2883887912.27
138	Palestine	2,851,200,000
139	Madagascar	2817040477.18
140	Somalia	2585315003.98
141	Kosovo	2570706105.2
142	Moldova	2346579629.87
143	Yemen	2159376604.46
144	Sierra Leone	1910998936.64
145	Montenegro	1561048085
146	Bhutan	1329785672.58
147	French Polynesia	1063603536.09
148	Greenland	1042454637.3
149	Maldives	948670683.55
150	Equatorial Guinea	942684150.77
151	Bermuda	872167190.05
152	Curaçao	806592178.77
153	Gambia	780375287.12
154	Lesotho	735992321.16
155	South Sudan	689964291.66
156	Haiti	663318394.72
157	Aruba	638176536.31
158	Faroe Islands	616908051.79
159	Eswatini	605511041.36
160	Timor-Leste	543832507.85
161	Belize	519122401.82
162	Cabo Verde	492654779.87
163	Guinea-Bissau	348786552.88
164	Solomon Islands	347760406.52
165	Central African Republic	347192936.16
166	Vanuatu	346191761.51
167	Seychelles	335107371.46
168	Samoa	312309263.47
169	San Marino	250605025
170	Comoros	150294464.96
171	Tonga	135510460.34
172	Lebanon	131536171.1
173	Palau	78436740.4
174	Kiribati	73021280.71
175	Marshall Islands	56428382.4
176	Djibouti	-140205094.49

Analysis

Gross capital formation measures the scale of investment in produced assets across an economy. According to the World Bank World Development Indicators (indicator code NE.GDI.TOTL.KD), gross capital formation includes acquisitions less disposals of produced assets for purposes of fixed capital formation, inventories or valuables. This indicator is expressed in constant prices, meaning the series has been adjusted to account for price changes over time, with 2015 as the reference year, and values are denominated in United States dollars. The ranking covers 176 countries, with 157 of those (89.2%) providing data from the last seven years. All 176 datapoints are classified as official-quality data. The World Bank identifies 20 extreme outliers in this dataset using a 3-standard-deviation threshold, and average year-over-year change across the series is 14.6%.

China (rank 1, $7.24 trillion) and the United States (rank 2, $5.08 trillion) are in a separate tier from the rest of the ranking. India (rank 3, $1.19 trillion) and Japan (rank 4, $1.13 trillion) form the next cluster. Germany (rank 5, $748.8 billion), the United Kingdom (rank 6, $628.0 billion), France (rank 7, $568.7 billion), Korea (rank 8, $536.4 billion), Italy (rank 9, $457.7 billion), and Indonesia (rank 10, $411.9 billion) round out the top ten. The ranking at the top corresponds broadly to large, industrialized or rapidly industrializing economies with substantial populations and established fixed capital bases.

The middle of the ranking surfaces several notable placements. Tunisia (rank 40, $69.9 billion) ranks above Chile (rank 41, $68.3 billion) and Colombia (rank 43, $63.9 billion). Viet Nam (rank 23, $136.9 billion) outranks the United Arab Emirates (rank 24, $134.4 billion). Ukraine (rank 69, $21.2 billion) appears just above the Democratic Republic of Congo (rank 70, $21.1 billion), and Algeria (rank 28, $106.7 billion) ranks above Bangladesh (rank 29, $105.6 billion). At the lower end, Lebanon (rank 172, $131.5 million) and Kiribati (rank 174, $73.0 million) record among the smallest positive values, while Marshall Islands (rank 175, $56.4 million) sits just above Djibouti (rank 176, -$140.2 million), the only country in the ranking with a negative gross capital formation value.

Several limitations apply to this metric. Because values are expressed in absolute terms rather than as a share of GDP or per capita, larger economies will almost always outrank smaller ones regardless of their investment intensity. Constant 2015 prices reduce but do not eliminate cross-country comparability issues, as deflators and base-year conditions vary. The negative value for Djibouti (rank 176, -$140.2 million) indicates net disposals exceeded acquisitions in the measured period, but data quality for small or conflict-affected states may be unreliable. Data recency also varies: 81.8% of countries have 2024 data, while the remainder reflect earlier years, which can affect comparability within the ranking.

Methodology

Data are drawn from the World Bank World Development Indicators, indicator code NE.GDI.TOTL.KD, for the reference year 2024. Gross capital formation includes acquisitions less disposals of produced assets for purposes of fixed capital formation, inventories or valuables. This indicator is expressed in constant prices, meaning the series has been adjusted to account for price changes over time. The reference year for this adjustment is 2015. This indicator is expressed in United States dollars. The ranking covers 176 countries, all with official-quality data (100%). Of these, 157 countries (89.2%) have data from within the last seven years, and 144 countries (81.8%) have data specifically for 2024. The World Bank viability checks identified 20 extreme outliers using a 3-standard-deviation threshold. The average year-over-year change across the dataset is 14.6%. Values range from -$140.2 million (Djibouti, rank 176) to $7.24 trillion (China, rank 1), a spread of over 5,164,517%. Higher values indicate greater gross capital formation in constant 2015 US dollar terms.

Sources

World Bank